Community News

CBIZ acquires retirement plan consulting firm South Winds

CBIZ, Inc., recently announced the acquisition of South Winds, Inc., a Baltimore-based retirement plan consulting firm doing business as Benexx. The agreement became effective August 1.

New disclosure rules for 401(k) fees go into effect next year

New regulations issued by the U.S. Department of Labor last month will force many 401(k) plan service providers to disclose fees that are deducted from a participating employee’s retirement account.

Fewer than half of large companies' 401(k) plans include automatic enrollment

AARP commissioned a national survey of large employers with 401(k) plans to better understand their attitudes toward and experiences with two automatic 401(k) features: automatic enrollment and automatic escalation.
AccountingWEB Life

Launch a solo 401(k) for small-business clients

Many small-business clients run their operation as a one-person show. Once the business has turned the corner, the owner can focus on setting aside more funds for retirement. And the more he or she can save each year, the merrier the client will be.
Education & Careers

More than half of American workers unprepared for retirement

Fifty-two percent of American workers feel they are behind in their retirement savings goals, according to the recently released "MetLife Retirement Readiness Index: Are Americans Prepared for the Transition?"

High 401(k) plan fees continue to deplete retirement savings balances

Despite the U.S. stock market's recovery, Americans are still struggling to make up for the historic losses sustained in their 401(k) plans over the past two years. One main obstacle employees face as they struggle to save is hidden, high 401(k) plan fees.

Federal agencies review retirement plan regulations, promote annuity

Concerned that at retirement employees overwhelmingly choose lump-sum distributions from their 401(k) accounts, the White House is urging plan sponsors to include lifetime income stream products – annuities – as options in retirement plans.

New retirement plan security rules will affect millions of 401(k) account holders

The U.S. Department of Labor has announced two new rules designed to enhance retirement security and transparency for the millions of workers covered by 401(k), pension, and other retirement arrangements.

Survey indicates surprising 401(k) trends

A recent survey of defined contribution plan participants conducted by MassMutual’s Retirement Services Division revealed unexpected findings about participant attitudes and approaches toward investing – and some striking differences based on gender.
AccountingWEB Life

New IRS Retirement Plan Navigator helps small businesses with retirement decisions

The IRS has created a new Web-based tool to help small business owners choose a pension plan that suits their needs

CPAs offer five-step retirement saving plan

October 18-24 is National Save for Retirement Week. The Illinois CPA Society recommends taking these five steps to evaluate your retirement savings.
Education & Careers

Roth IRA book author offers $1000 scholarship

Read the book “ Roth IRA: Exploding the Myths, to Convert or not in 2009/2010,” and write a 500 word essay that describes, "What you have learned from the book that will make a positive change in your life and what that change will be.”

IRS announces 2010 pension plan limits

The Internal Revenue Service has announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for Tax Year 2010.

IRS issues guidance on 2009 required minimum distribution waiver

The Internal Revenue Service has issued guidance for retirement plan administrators, plan participants and retirees regarding recent legislation affecting required minimum distributions.

New Web site provides insights into financial planning for retirement decisions

The American University has launched a new Web site designed to help financial service professionals better understand the complex retirement decisions facing consumers.

Small businesses say retirement plans are still excellent benefits

Amid the growing concerns about the current economy, small business owners continue to recognize having a solid retirement plan as an important issue both personally and to their employees. This is according to survey results released last week by SunTrust Banks, Inc.

Obama pushes for mandatory retirement savings plans

Part of President Obama’s budget proposal would require employers who do not offer a pension plan to provide their employees with a direct-deposit retirement savings plan, modeled after a traditional Individual Retirement Account (IRA).“The result will be that workers will be automatically enrolled in some form of savings vehicle when they go to work, making it easy for them to save while also allowing them to opt out if their family or individual circumstances make it particularly difficult or unwise to save,” according to the budget plan.

IRS offers tips for people taking early retirement plan distributions

If you took an early distribution from your retirement plan, here are some things the IRS wants you to know: Payments you receive from your Individual Retirement Arrangement before you reach age 59 ½ are generally considered early or premature distributions. Early distributions are usually subject to an additional 10 percent tax. Early distributions must also be reported to the IRS. Distributions you rollover to another IRA or qualified retirement plan are not subject to the additional 10 percent tax.

Boomers forced to postpone retirement

Forty percent of American Boomers (aged 45-64) expect to postpone their retirement due to the economic recession, according to an online research study of 4239 consumers in the UK, U.S., France, and Germany aged 16-64 during December 2008 by global market insight and information group, TNS. The TNS Financial Crisis study looks at how the global financial crisis is affecting customers in four key countries: the UK, France, Germany and the U.S. Thirty-two percent of all Boomers in the 4 country study expected to forestall retirement.

America's retirees working to protect health care benefits they earned

Retirees and baby boomers throughout the nation are wondering with great trepidation, what would happen to them if their health care coverage were simply taken away? Many fear that the current economic crisis in America will speed up that process. It has already occurred with retirees of some of America's largest corporations, and municipalities are threatening to follow suit. According to Paul Miller, executive director of the national retiree advocacy group, ProtectSeniors.Org, the situation is as dire as the bailout was for the auto industry, Wall Street, and America's major banks.


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